By the MX team
Last month’s Apiture Accelerate 2025 focused on the latest trends, disruptions, and advancements in digital-first banking. But, there’s one trend that is ever-present and always top of mind for financial institutions and fintechs shaping the future of our industry: the customer.
Today’s consumers expect more than ever before. And, competition to meet their needs is fiercer than ever. But, consumers aren’t just comparing their bank to the one across the street anymore. They’re comparing it to Apple, Amazon, Netflix, and other data-driven, personalized digital experiences.
Basic financial features and functionality are no longer enough to earn primacy or top of wallet status from consumers. MX’s latest survey of more than 1,000 U.S. consumers shows four key trends that shape where consumers turn for financial services. Read on for a sneak peek at some of the key findings:
1. Less is More
MX’s previous research showed a clear sign that consumers are consolidating the number of finance-related apps they use — in less than 6 months, the percentage of consumers who had 3 or more finance-related mobile apps on their phone dropped 7 points to just 40%.
Now, we’ve asked consumers to share how many financial accounts and providers they currently have. The largest group of consumers (46%) say they only have 1 to 2 financial accounts. At the same time, 61% of U.S. adults say they have accounts with just 1 to 2 different financial providers. This is a 10-point increase in the past 2 years, showing more evidence that financial account consolidation is on the rise.
2. Data is King.
Consumers expect financial providers to use their data to drive better outcomes for them. However, many financial providers still struggle to leverage data effectively. And, consumers are wary of sharing their financial data if it’s not used to drive value for them. In fact, 44% of consumers say they are unlikely to share their financial data with a trusted third party in order to receive a service.
To earn the right to access this data from wary consumers, financial providers need to focus on building trust with consumers through privacy-first principles and putting consumer-permissioned data into action.
3. Personalization is Expected.
Once financial providers have earned the trust of consumers, consumers expect financial providers to use their data to offer a more personalized experience. Sixty-seven percent of consumers expect their financial provider to know them.
Top use cases where they expect personalization from their data include:
- Proactive reminders about actions to take (i.e., pay bills, etc.) (45%)
- Targeted offers for new products and services that meet their needs (43%)
- Personalized insights about spending habits (40%)
- Proactive recommendations to help build financial strength (27%)
- Automated budgets or spending categorization (23%)
4. Bad Experiences Will Make Customers Bounce.
Sixty-seven percent of consumers say they will stop using a mobile app if the experience changes for the worse. And, 51% of consumers say they have closed or switched a financial account.
This shows that consumers aren’t afraid to move to a new provider if they don’t get what they want or need. And, they’ll do it often. When asked how often they have opened a new account, 1 in 4 consumers are doing so at least once per year. This is even higher among younger generations. Forty-two percent of Gen Z respondents have opened a new account at least once per year, followed by 33% of Millennials.
Contact Apiture to learn how we work with partners like MX to solve issues for consumers and deliver the digital banking experience they expect.
